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Norway's Statoil is in discussions with PetroChina parent company China National Petroleum Corp on swapping assets with the mainland oil giant, in a deal that would give CNPC its first oil and gas holdings in Europe.

China National Petroleum Corp, parent of listed PetroChina, has signed a strategic co-operation memorandum of understanding with Norway's state-backed oil producer Statoil, in a move that may facilitate its expansion on offshore drilling.

NORWEGIAN state-owned oil and gas company Statoil will not pull out of Nigeria despite widespread condemnation of the Nigerian regime for its execution of nine political activists. 'We are deeply concerned about the situation that has arisen, and we fully understand the reactions. But Statoil will not pull out of Nigeria,' Statoil spokesman Arild Steine said.